Iris Energy Boasts 'Largest Untapped Power' Portfolios For Bitcoin Mining, Profitable AI Cloud Tech: Analyst
Portfolio Pulse from Priya Nigam
Iris Energy Ltd (NASDAQ:IREN) is seen as an attractive investment due to its large untapped power portfolios for Bitcoin mining and a profitable AI Cloud business. Analyst Darren Aftahi from Roth Capital Partners initiated coverage with a Buy rating and a $14 price target. The company recently purchased Nvidia's H200 GPUs for $43.9 million to expand its operations.
October 02, 2024 | 2:39 pm
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POSITIVE IMPACT
Iris Energy is rated a Buy by Roth Capital with a $14 price target. The company is expanding its Bitcoin mining and AI Cloud operations, with a recent $43.9 million purchase of Nvidia GPUs. This positions IREN as a strong investment in digital infrastructure.
The Buy rating and price target from Roth Capital, along with the expansion in Bitcoin mining and AI Cloud, suggest positive investor sentiment. The purchase of Nvidia GPUs indicates growth potential, likely boosting IREN's stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Nvidia sold 1,080 H200 GPUs to Iris Energy for $43.9 million, supporting Iris's expansion in Bitcoin mining and AI Cloud. This sale highlights Nvidia's role in powering digital infrastructure growth.
The sale of GPUs to Iris Energy underscores Nvidia's involvement in the growing digital infrastructure sector. This transaction may positively impact Nvidia's revenue and market perception.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 50